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Oklahoma Firefighters Pension & Ret. Sys. v. Lexmark Int'l Inc.

Securities Fraud Class Suit Denied Dismissal; Statements May Have Been Misleading

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OPINION & ORDER Defendants Lexmark International, Inc. (“Lexmark” or “the Company”), Paul A. Rooke, David Reeder, and Gary Stromquist (the “Individual Defendants,” and collectively with Lexmark, the “Defendants”) move pursuant to Federal Rule of Civil Procedure 12(b)(6) to dismiss the Second Amended Complaint (“Complaint”) in this putative securities fraud class action. For the reasons that follow, Defendants’ motion is denied.BACKGROUNDThe allegations in the Complaint are presumed true on this motion. The putative class includes all persons and entities (“Plaintiffs”) who acquired Lexmark’s publicly traded stock between August 1, 2014 and July 20, 2015 (the “Class Period”). Lexmark is a global manufacturer of printers and related supplies. (Second Am. Compl., ECF No. 63 (“Compl.”), 34.) The Individual Defendants were Lexmark senior executives during the Class Period. (Compl.

35-37.)Plaintiffs allege that Defendants made materially false or misleading statements and omissions in SEC filings, press releases, earnings calls, and investor conferences between August 1, 2014 and May 28, 2015 in violation of Section 10(b) of the Exchange Act and Rule 10b-5. Plaintiffs also bring a Section 20(a) claim against the Individual Defendants for control person liability.I. Lexmark’s Laser Printer Supplies Business and “Channel Inventory”In the years leading up to the Class Period, Lexmark shifted its emphasis from inkjet printers to higher-end laser printers and printing software. (Compl.

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